Crude oil prices pared earlier losses on Friday, trading around $102.2 a barrel, as markets evaluated disruptions affecting Saudi supply.
Three pumping stations serving Saudi Arabia’s important East-West pipeline were damaged in last week’s attack, one more than initially assessed. The timetable for repairs remains uncertain, however.
Saudi Aramco has also informed at least two European refining sector customers that they would not receive any crude oil next month, following the attack on the main pipeline linking Saudi facilities to the Red Sea.
China’s exports of refined petroleum products rose 12.7% year-on-year in August, with exports of aviation turbine fuel reaching a record level. A new easing of export restrictions in September could allow Chinese refiners to capitalize on higher margins in international markets.
